ECN2802
Fall 2010
Review
for Exam 2
Dr.
Dao
Price Elasticity of Demand: Midpoint Method
Total revenue and elasticity of demand
Determinants of Price elasticity of demand
Price Elasticity of Supply
Determinants of Price elasticity of Supply
Income Elasticity of Demand
Cross-Price Elasticity of Demand
Budget Constraint
Indifference Curves
Optimization
Perfect Complements
Income Effect and Substitution Effect
Normal goods vs. Inferior Goods
Opportunity cost
Explicit vs. Implicit Costs
Accounting vs. Economic Profit
Marginal Product
Production Function
Marginal Cost and Marginal Product
Variable vs. Fixed Cost
Total Cost curve
Marginal Cost
Average Variable Cost
Average Total Cost
Marginal and Average Cost
Economies vs. Diseconomies of Scale
Long run vs. short run
Constant Returns to Scale